JERICHO, N.Y. — Getty Realty Corp. has closed on the acquisition of the fee interests in 30 convenience-store and gas-station properties from E-Z Mart Stores Inc., a privately owned regional c-store chain in the Southern United States, for about $52 million.
At the same time, a subsidiary of GPM has taken ownership of 273 convenience stores in Texas, Oklahoma, Louisiana and Arkansas from E-Z Mart Stores Inc. in a deal announced in December.
In connection with the acquisition by GPM Investments LLC of E-Z Mart, Getty has leased the 30 properties in all four states to GPM under a unitary lease. The unitary lease provides for an initial term of 15 years, with four five-year renewal options. Rent is scheduled to increase annually during the initial and renewal terms of the lease.
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